The US could enact sanctions impacting Russian oil and products
Russia, Saudi Arabia and the US – what next for oil markets?
The impact of a breakdown in Russo-US relations is much more nuanced in liquids than in gas
All oil market eyes remain fixed on the US-Russia standoff over Ukraine, particularly given that current oil balances are on a knife edge and Opec+ spare capacity, expected to reach 2mn bl/d by mid-year, is the key balancing tool. The implications of any escalation for gas markets are clear, but for oil much depends on the shape of any sanctions. On the gas side, benchmark TTF contract prices would surge. And European buyers would have to pay a hefty premium to attract flexible LNG volumes from the US—where portfolio traders have destination flexibility—Qatar—which has a limited amount of spot volumes—and more far-flung destinations as distant as Australia. In crude and products markets, sho
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
